{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Credit Union Regulatory Guidance Including: NCUA, CFPB, FDIC, OCC, FFIEC","title":"Civil Money Penalties and NCUA","html":"","width":"100%","height":180,"duration":319,"description":"Hello, this is Samantha Shares. This episode covers N C U A’s Authority to Assess Civil Money Penalties as outlined in its Enforcement Manual.  The following is an audio version of manual.    This podcast is educational and is not legal advice.  We are sponsored by Credit Union Exam Solutions Incorporated, whose team has over two hundred and Forty years of National Credit Union  Administration experience.  We assist our clients with N C U A so they save time and money.  If you are worried about a recent, upcoming or in process N C U A examination, reach out to learn how they can assist at Mark Treichel DOT COM.  Also check out our other podcast called With Flying Colors where we provide tips on how to achieve success with N C U A. And now civil money penalties.  1.     What are civil money penalties?The FCU Act section206(k), 12 U.S.C. section1786(k), contains N.C.U.A.'s authority to issue civil money penalties; N.C.U.A. Rules and Regulations. Section 747, Subpart A, contains the rules and regulations governing civil money penalty administrative hearings. The N.C.U.A.Board may assess civil money penalties against either a credit union or an institution­ affiliated party (see definition of institution-affiliated party above). The FCU Act specifies three tiers of civil money penalties, as follows: ►     First tier. Any credit union or institution-affiliated party that violates a law or regulation, a final order of the N.C.U.A. Board, a published agreement with the Board (such as a published Letter of Understanding and Agreement), or a condition imposed in a published writing by the Board in connection with the granting of any application (such as the Insurance Agreement), may receive a penalty of not more than 5,000 dollars  for each day of the violation. First tier penalties may apply to credit unions that, even after warnings, repeatedly submit late or substantially inaccurate call reports. ►     Second tier. If the credit union or institution-affiliated party...","thumbnail_url":"https://img.transistorcdn.com/DblKo84_Ha6-XOQnfj5k1wmxCkQHeB53BeeKc2eI7dM/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzQ4MTk5LzE3MDM4/NTQxOTktYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}